Ben Hamer's move to Huddersfield earlier this summer left Eldin Jakupovic as the only competition to regular number one Kasper Schemichel, with Ward's arrival set to address that lack of depth.
A full Wales international, Ward has made just three senior appearances for Liverpool, though he did impress during a loan spell in the Championship with Huddersfield during the 2016/17 season.
Despite reports linking Schmeichel with a move away from Leicester, it is thought that Ward is being brought in as back-up and competition to the Dane and not as a replacement.
Ward will now discuss personal terms and undergo a medical ahead of the move.
His departure will generate space in the Liverpool squad for Roma's Alisson, who is on the verge of completing a mega-money move to Anfield.